COVID-related financial crime nears two million global cases, but AI could help

As the pandemic first spread across the globe, it left behind a trail of financial trauma, enticing financial and cyber criminals to crawl out of the woodwork to capitalize on the damage. According to financial insight provider Refinitiv, the number of global cases of financial crime have risen to 1,880,591 as of the end of April 2020, with the daily increase rate appearing to peak in mid-April, nearing 100,000 new cases a day. However, this seems to have lowered to 71,042 new cases a day at the end of April.

COVID-related financial crime nears two million global cases, but AI could help

May 29, 2020

Rallying the industry: Return of the dealerships approved to boost economy and fuel the bounce back

In his daily briefing on 25 May, UK Prime Minister Boris Johnson announced that motor dealerships in England would be able to reopen on 1 June, provided they met the guidelines to protect shoppers and workers, under the new stage of the government’s recovery plan. Ordered to close doors to the public back in March to slow the spread of the virus, dealerships have been eagerly awaiting the return to operations properly - until now being limited to ‘click-&-collect’ sales only - to help boost the economy and fuel the bounce back.

Rallying the industry: Return of the dealerships approved to boost economy and fuel the bounce back

May 27, 2020

Delegates of IAFN Online’s inaugural events offer insight into where the industry stands on COVID-19 challenges

In the first IAFN Online conference named ‘COVID-19 impact on Auto and Equipment Finance’, senior executives in the industry were informed of the array of incentives and support that is available in the industry at the current time and how they could be accessed.

Delegates of IAFN Online’s inaugural events offer insight into where the industry stands on COVID-19 challenges

May 27, 2020

AF50 UK 2020 reveals country’s biggest asset finance companies

The UK’s finance industry leaders have revealed their vision for the future as the market responds to the Coronavirus pandemic. The exclusive 2020 Asset Finance 50 report provides a unique ‘before and after’ perspective of the market, with detailed analysis of the industry carried out using last year’s financial data, ahead of the pandemic starting, while expert analysis looks at the potential long-term impact of the ongoing crisis. The annual AF50 is the UK’s most influential survey of business and equipment lessors, which tracks the health of the market and identifies the key trends that are set to have an impact on the sector. This year’s report, sponsored by Alfa, reveals that the total net investment in leasing for the top 50 firms is £40.5 billion, a 7.1% increase from the previous year’s report.

AF50 UK 2020 reveals country’s biggest asset finance companies

May 22, 2020

Invisible assets - managing the rise of servitization in asset finance

The asset finance industry is changing as customers look to fund ‘invisible assets’ that fall outside traditional product boundaries. Historically, the industry used the mantra ‘you can only finance it if it has wheels on the corner’ to identify assets that could be financed, but this is no longer the case. Growing interest in servitization means companies are looking to fund access to products and services rather than owning assets themselves.

Invisible assets - managing the rise of servitization in asset finance

Apr 28, 2020

AF50 UK 2020 highlights 25 years of gradual change in asset finance

Last week, the fifth annual edition of the Asset Finance 50 (AF50), the ranking survey of the UK asset finance industry that I collate, was published by Asset Finance International (AFI) with the support of Alfa. As usual, in preparing the latest edition we relied entirely on fully audited and publicly available data on net investment in finance leases and minimum operating lease receivables. The report provides details of our methodology including its limitations.

AF50 UK 2020 highlights 25 years of gradual change in asset finance

May 26, 2020

LeasePlan forms specialist task force to manage plummeting used car revenues

Auto leasing and fleet management firm LeasePlan has revealed it is forming a dedicated team with the sole purpose of preparing for operations after the pandemic, and ensuring the company would be able to continue capitalizing on the ownership-to-usership trend that has dominated the structural growth of the auto finance industry for the past 50 years. Tex Gunning, chief executive officer at LeasePlan, said: “This trend will be accelerated by our ongoing Digital LeasePlan transformation, which is enabling us to build a fully digital operating model, delivering digital services at digital cost levels.”

LeasePlan forms specialist task force to manage plummeting used car revenues

May 22, 2020

New whitepaper details €1.8 billion loss for dealers alongside residual value forecast

In its latest announcement, automotive insight provider Autovista Group has estimated that economic losses for auto dealers alone during the lockdowns has amounted to €1.8 billion in Europe so far. This could, in part, be down to the ageing stock sitting out on dealer forecourts, and the daily costs of stock holding at a time when a very limited number of transactions have taken place. As the news regarding the pandemic continues to pour in, the Group has released a whitepaper on the impact on used-car markets across Europe which lays out a variety of potential scenarios in the near future and provides an outlook to help readers track the impact of the pandemic across major European markets.

New whitepaper details €1.8 billion loss for dealers alongside residual value forecast

May 22, 2020

Volvo’s paradox: Financial services surges by 8% in Q1 – while operations slump by 46%

Due to the global attempt to halt the spread of the virus, and the measures implemented in many countries earlier this year, the vast majority of manufacturing firms have struggled. The initial slowdown in China in February, and the further developments, had a “particularly severe impact on Volvo Group as of mid-March,” claimed president and chief executive officer of the Group, Martin Lundstedt, adding that “the global supply chain was disrupted and production halted in most parts of our operations.” Overall, the reduced production and lower demand had a markedly negative impact on the Group’s sales and profits in Q1 this year, with net sales decreasing by 16% to £7.78 billion and its adjusted operating income amounting to £600 million with a margin of 7.8%.

Volvo’s paradox: Financial services surges by 8% in Q1 – while operations slump by 46%

May 21, 2020

European Commission unveils €80 billion bounce back plans for auto industry

Looking to the future, the European Commission has put all hands to work on forming a recovery plan for the EU following the pandemic, and is reportedly prepared to throw €1 trillion into the far-reaching stimulus programme. Ursula von der Leyen (pictured above), president of the European Commission reported that the plan is set to be released later this month, focusing heavily on green energy, divided into several sections including renewables, hydrogen and clean mobility, saying each is needed for deep decarbonisation. Despite the resilient nature of renewable energy displayed during the pandemic, solar and wind market supply chains are expected to shrink by 20-33% this year.

European Commission unveils €80 billion bounce back plans for auto industry

May 22, 2020

Raft of senior appointments for asset finance software firm White Clarke Group

In its latest announcement, automotive and asset finance software provider White Clarke Group (WCG) has reshuffled its senior board of management. Following the Group’s recent hiring of Wayne Ross as chief technology officer, the company has announced that Peter Dyson (pictured above) will be appointed as chief product officer. Joining WCG as the UK managing director, Dyson advanced to his most recent role as group chief operative officer and will now be responsible for the company’s functional governance, the alignment of sales and marketing efforts and the rollout of new product offerings and services.

Raft of senior appointments for asset finance software firm White Clarke Group

May 20, 2020

Major global downturn in traditionally powered vehicles may prove an opportunity for EVs

The British Vehicle Rental and Leasing Association (BVRLA) has announced a surge in battery electric vehicle (BEV) registrations at the end of 2019 in its Q4 2019 Quarterly Leasing Survey. According to the BVRLA, this rush of registrations was a contributing factor to the lowering of the average new lease car emissions to 113g/km CO2, the lowest level since Q3 2018. The market share of BEVs had grown by 750% compared to the same period the year before, now making up more than 4% of new lease car registrations. This helped to counteract the impact of the WLTP emissions standards, which had increased most petrol and diesel emissions by 10-20%.

Major global downturn in traditionally powered vehicles may prove an opportunity for EVs

May 20, 2020

New mobility solutions primed for post-lockdown world

The announcement of a new collaboration in the mobility sector aims to boost the free-movement of essential workers at a time when the rate of adoption of mobility solutions is likely to be fundamentally affected by the ongoing pandemic. The collaboration between bike share operator nextbike, the Cardiff Bus app and its developer Passenger, has come at an unusual time in the industry when the nationwide lockdown is still underway.

New mobility solutions primed for post-lockdown world

May 19, 2020

iVendi CEO James Tew offers insight into how dealers are coping with the pandemic

UK auto dealerships are keeping the welfare of their staff and customers as a top priority as they manage the challenges caused by the COVID-19 pandemic. Aiming to set the stage for where automotive dealerships find themselves at the present time, Asset Finance International sat down with James Tew (pictured above), chief executive officer at digital motor retailing and finance solutions provider iVendi.

iVendi CEO James Tew offers insight into how dealers are coping with the pandemic

May 18, 2020

German dealer association publishes social distancing advice

Germany's federation for motor trades and repairers, the Zentralverband Deutsches Kraftfahrzeuggewerbe (ZDK ), has published guidelines for vehicle dealerships opening to the public as lockdown measures are eased. Advice is broken down into 10 core areas, starting with general and widely adopted hygiene rules, of which employees and customers should be clearly informed.

German dealer association publishes social distancing advice

May 18, 2020

How asset finance companies can help SMEs to recover from COVID-19

There has arguably never been so much support for SME businesses than during the COVID-19 pandemic. In the UK, the Coronavirus Business Interruption Loan Scheme and the newly introduced Bounce Back Loan Scheme are now thought to have provided over £10 billion worth of loans to the UK's small businesses. The Bounce Back Loan Scheme has had a tremendous impact, with more than £5 billion of funding approved in its first three days.